IGI to acquire Norway-based MGA Energy Insurance Oslo
Specialist commercial re/insurer International General Insurance Holdings (IGI) looks to acquire a Norway-based managing general agency (MGA) writing a portfolio of energy and construction business to expand its footprint in the Scandinavian markets.
IGI has signed a non-binding letter of intent to acquire Energy Insurance Oslo AS (EIO). Pending satisfactory completion of due diligence and subject to regulatory approval, IGI and EIO intend to enter into a binding definitive agreement.
The proposed transaction includes the acquisition of 100% of EIO’s shares. Upon completion, IGI expects that EIO will be renamed IGI Norway and will become a wholly-owned subsidiary of Bermuda-based International General Insurance.
The transaction is expected to close in the third quarter of 2022.
IGI chairman and CEO Wasef Jabsheh (pictured) said: “ IGI has had an exclusive underwriting agency arrangement with EIO since 2009, writing a portfolio of energy and construction business. This partnership has been a successful one and we look forward to continuing to work together under the IGI brand name. This transaction allows us to grow our existing book of business and represents a good strategic opportunity for IGI to expand our footprint in the Scandinavian markets.”
EIO chairman Stig Grimsgaard Andersen added: “We have enjoyed a long and fruitful relationship with IGI. We look forward to continuing our partnership and working with the IGI team to grow our energy portfolio and enhance IGI's presence in Norway and more broadly throughout Scandinavia.”
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